Junk bond returns top 6% YTD

Most interesting as the returns from junk bonds cross 6% for the year (according to the BAML index), is Barron's Michael Aneiro noting the high-yield sector has never had a "coupon clipping" type of year, i.e. where the annual return is essentially the yield on the paper at the start of the year.

Instead junk bonds tend to greatly overshoot or undershoot their January return targets - in its 23-year history, the Barclays U.S. High Yield Index has never returned between 6% and 10% in a single calendar year.

The market came into 2013 with a 6.09% yield, so the 6% return through today is a bit ahead of target, but could end the year within that vicinity.